Marketing
An origination function and set process for creating communicating, and delivering value to customers and managing customer relationships in ways that benefit the origination and its employees, customers, investors, and society as a whole
Supply Chain
a set of three or more companies dirtily linked by one or more of the upstream or downstream flows of products, services finances and information from source to a customer.
Who are part of the supply chain
manufacturers, wholesalers, retailers, transportation companies and other groups depending on the specific industry.
Logistics
that part of supply chain management that plans, implements, and controls the flow goos, serves and information between the point of origin and the finial customer
Product orientation
Marketing strategy in which the firm fouled on efficient processes and production to create quality products and reduce unit cost
what did they use in the 1920's
production
Sales orientation
a marketing strategy in which personal selling and adverting are used to persuade consumers to buy new products and more existing products.
Marketing concept
a marketing strategy that reflects the ideas that a firms long term success must include a company-wide effort to satisfy customer needs.
Relationship Marketing
A Marketing strategy that focus on attracting, maintaing and enhancing customer relationships
Exchange
An activity that occurs when a buyer and seller trade things of value so that each is better off as a result
Needs
States of felt depravation. Consumers feel deprived when they lack something useful or desirable like food, clothing, shelter, transportation, and safety
wants
The form that human needs take as they are shaped by personality, culture, and buying sistation
Four P's
Product Price Place(distribution) and Promotion
Social Media
a group of internet based applications that allow the creation and exchange of user-generated content
Marketing Mix
A combination of activities that represent everything a firm can do to influence demand for its good, service or idea often refried to as the four P's of marketing
Price/Revenue
is a function of the price of a product multiplied by the number of units sold. If the firm sets the price too high it will sell fewer units, this reducing revenue. If the sets the price to low it may sell more units, but could still see a reduction in ov
Global Marketing
a marketing strategy that consciously addresses customers, markets, and competition throughout the world
Brand
The name, term symbol, design or any combination of these that identifies and differentiated a firms products.
What does CSR stand for
Corporate Social Responsibility
What is CSR
An origination's obligations to maximize its positive impact and minimize its negative impact on society
Stakeholder Responsibility
The obligations an organization has to those who can affect whether or not it achieves its objectives
Ethics
Moral standards expected by a society
Ethical Decision Making Framework
Determine the facts in an unbiased manner
2. Identify the ethical issue at hand
3. Identify the stakeholders imp aced by the decision
4. Consider all available alternatives
5. Consider how the decision will affect the stakeholders
6. Discuss the pending d
Strategic planning
the process of thoughtfully defining a firms objectives and developing a method for achieving those objectives
Marketing Plan
an action-orentation document or playbook that guide the analysis, implementation, and control of the firms marketing strategy
Mission Statement
a concise affirmation of the firms long term purpose
Situation analysis
the systematic collection of data to identify the trends, conditions and competitive forces that have the potential to influence the performance of the firm and the choice of appropriate strategies
Market
the group of consumers or organizations that is intreseted in and abe to buy a particular product
Market summary
a description of the current state of the market
SWOT analysis
an evaluation of a firms strengths, weaknesses, opportunities, and threats
Stregths
internal capabilities that help the company achieve its objectives
Weaknesses
internal limitations that may prevent or disrupt the firms ability to meet its stated objectives
strategy
the set of actions taken to accomplish organizational objectives
Target market
the group of customers toward which an organization has decided to direct its marketing efforts
Multinational company
A firm that operated in two or more countries
positioning
the activities a form undertakes to creat a certain perception of its product in the eyes of the target market
marketing penetration
a marketing strategy that emphasizes selling more of existing goods and services to existing customers
product development
a marketing strategy that involves creating new goods and serves for existing markets
Marketing development
a marketing strategy that fouces on selling existing goods and serves to new customers
diversification
a marketing strategy that seeks to attract new customers by offering new products that are unrelated to the existing products produced by organization
competitive advantage
the superior position a product enjoys over competing products if consumers believe it has more value that other products in its category
financial projections
a bottom-line estimate of the or giniations profitability
licensing
a legal process in which one form pays to use or distribute another firms resources
franchising
a contractual arrangement in which the franchisor provides a franchisee the right to use its name and marketing and operational support
joint venture
an arrangement in which a domestic firms partners with a for gin company to create a new entity, thus allowing the domesict firm to enter foreign company's market
direct ownership
a method of entering an international market in which a domestic firm actively manages o for gin company or overseas facilities
direct competition
a situation in which products that perform the same function compete agains one another other
substitute products
good and services that perform very similar functions and can be used in places of one another
indirect competition
a process in which products provide alternative solutions to the same market
environmental scanning
the act of monitoring developing outside of the firms control with the goal of detecting and responding to threats and opportunities
gross domestic production (GPD)
a measure of the market value of all officially recognized finial goods and serves produced within a country in a given period
recession
a period of time during which overall gross deistic product (GPD) declines for two or more consecutive quarters
inflation
an increase in the general level of prices of products in an economy over a period of time
purchasing power
a measure of the amount of goods and services that can be purchased for a specific amount of money
consumer confidence
a measure of how optimistic consumers are about the overall state of the conomu and their own personal finances
baby boomers
the generation born between 1946 1964
disposable income
the spending money available to households after paying taxes
socioculture
the combination of social and cultural factors that affect individual development
FTC
Federal trade commission - the consumer protection agency of the untied states
currency exchange rate
the price of ones country's currency in terms of another countrys currency
NAFTA
North american free trade agreement - an international agreement that establishes a free trade zone among the unitied states, canada and mexico
Tariffs
taxes on imports and exports between counties
DR-CAFTA
Dominican Republic-central american free trade- an international agreements that eliminated tariffs, reduced non tariff barrios and facilitated investments among the united states, costa rica, el salvador, Guatemala, Honduras, Nicaragua, and the dominican
EU
European union - an economic, political and monetary union among 27 European nations that created a single european market by reducing barrios to the free trade of goods, services and finances
WTO
World Trade Orginiation - an international organization that regulates trade among participating countries and helps importers and exporters conducts their business
IMF
International Moneary Found - An international organization that works to foster international monetary cooperation, secure financial stability, facilitate international trade, promote high emplyments and sustainable economic growth and reduce poverty aro
Consumer ethnocentrism
a belief by residents of county that it is inappropriate or immoral to purchase foreign-made goods or serves